BlackRock’s US large-cap growth manager Lawrence Kemp has won back a $1.8 billion mandate from adviser Charles Schwab, which he managed when he worked at UBS Global Asset Management.

Kemp joined BlackRock from UBS in February. In September, BlackRock told Financial News that Kemp was on the point of winning business worth $4 billion.

It has now emerged in fund documents filed in October that the Schwab mandate formed a large chunk of this new business. It takes the form of a contract to manage Schwab's Laudus US Large Cap Growth Fund, which is in the Schwab stable.

According to the documents filed in the US, Laudus will initially charge clients expenses of 77 basis points, which will remain in force until July 2015. The asset management fees would be 66 basis points.

Kemp worked at UBS Global Asset Management for 20 years before accepting his BlackRock role at the end of 2012.

A recruitment consultant said: “These days, clients are nervous. They like to back managers with a proven track record who can expect super-sized pay as a result.”